Last year, I published a blog on a social engineering cyber scheme that resulted in Quality Plus Services, Inc. losing $1,633,018.00 to fraudsters. QPS reported the loss to its insurance carrier, who denied the claim. QPS then filed a lawsuit against the carrier in Virginia Federal Court. Recently, the parties filed competing motions asking the federal judge for a quick ruling on whether there is commercial crime coverage for the loss. The Sequence of Events Rather than anal
It's becoming a common set of facts: In a real estate deal, a law firm received fraudulent wiring instructions that resulted in funds being sent to fraudsters. The client then sued the law firm to recoup the funds. The twist in this case is that the law firm sued another company for indemnification. The law firm claimed that the other company was hacked and inadvertently disclosed the client's personal information that led to the business email compromise and eventual fraud.